Notes to SEFA
Title: FEDERAL DIRECT STUDENT LOANS
Accounting Policies: The accompanying schedule of expenditures of federal awards includes federal grant activity of the College and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The College participates in the Federal Direct Student Loan Program. The dollar amounts listed in the schedule of federal awards expenditures represents new loans advanced during the current fiscal year. The College is a direct lender of these loan funds; however the College is not responsible for collecting these loans in future periods. ALN 84.268 Federal Subsidized Loans $783,578 and ALN 84.268 Federal Unsubsidized Loans $514,183. Total Federal Direct Student Loans $1,297,761.